Open Banking: The New Seedbed for Financials
As Australia embarks on implementing the open banking regime paving way for more competition in the financial industry, this is possibly an uncomfortable time for incumbent big banks. Technology companies and Fintechs can potentially erode the profitability off low hanging fruits from banks.
And when banks are regulated to disclose and share customer data, can they charge for this? Who owns the data? Where is the balance of privacy, customer protection and open access? Will PSD2 and Europe’s experience in open banking be the model for Oceania as well?
Join this in-depth track and get an up to speed update on European and Australian developments!
News on open banking:
EuropeanPaymentCouncil: Update on UK Open Banking